Deutsche bank asset management

Local banks have increasingly sought cross-border borrowings in recent years after being pressured to raise capital for lending. Vietnam’s Oriental Commercial Bank (OCB) is seeking $100 million in funding from the International Finance Corporation (IFC), a member of the World Bank Group, to support its lending program for small and medium-sized enterprises (SMEs) and women-owned enterprises. “We are in negotiations with the IFC over loans, not only this mid and long-term facility but also a master cooperation agreement, including a short-term credit line, consultancy, and support programs on solutions for OCB to reach regional and international management standards faster,” OCB’s CEO Mr. Nguyen Dinh Tung told VET in a statement. OCB was just one of a number of local banks securing foreign loans over the past year. Commercial banks are now borrowing capital from foreign banks or international financial institutions when they need more medium and long-term … [Read more...] about Banks seek foreign funds for lending

Deutsche's announcement comes as the banking giant works to turn the corner on years of losses AFP/Daniel ROLAND The announcement fell on the same day as the bank's annual general meeting, where newly-appointed chief executive Christian Sewing tried to reassure investors Deutsche is ready to do what it takes to return to profitability. "We are not yet where we should be. Therefore we must act, and we must act swiftly and forcefully," Sewing told a sceptical audience in Frankfurt. In a statement ahead of the meeting, Deutsche said the number of full-time positions globally would fall from 97,000 "to well below 90,000", adding that the personnel reductions were already underway. Deutsche did not mention which countries would be affected, but said a quarter of the jobs in its equities and sales trading business would be scrapped. The jobs cull is the first big decision taken by Sewing, who unexpectedly replaced CEO John Cryan in early April. Sewing had already signalled he was planning … [Read more...] about Deutsche Bank slashes over 7,000 jobs in major shake up

An initial equity offering of Vinhomes JSC, the residential property development unit of Vingroup JSC, raised about $1.35 billion in Vietnam’s biggest ever issue after being priced at the top of an indicative range, sources said on Monday. The company is betting on rising home sales to drive its business at a time when foreign and local investors are pouring money into the country, attracted by strong economic growth and a slew of sales by state-owned and private companies. Existing Vinhomes investors are selling about 268 million shares, or 10 percent of the firm’s equity capital, at VND114,700 ($5.03) each, versus an indicative range of VND110,500-114,700, said the sources, who are familiar with the matter but did not want to be named as terms of the pricing were confidential. Vingroup declined to comment on the pricing. Sources had previously said Vinhomes’ flotation could raise up to $2 billion. As the issue was not sold to retail investors, bankers refer to it as … [Read more...] about Vinhomes raises $1.35 billion in Vietnam’s biggest share issue: sources

Trouble-plagued Deutsche Bank on Sunday (Apr 8) ousted its British CEO John Cryan, replacing him with one of his deputies in a bid to get Germany's biggest lender back on track after years in crisis. File photo of Christian Sewing, former private client and board member of Deutsche Bank and deputy CEO and head of private banking. (Susann Prautsch/dpa/AFP) Following weeks of speculation, the bank announced that German Christian Sewing, 47, would succeed Cryan who has been at the helm since 2015 with Sewing as deputy CEO and head of private banking. "The supervisory board of Deutsche Bank has named Christian Sewing to the position of CEO, effective immediately, to succeed John Cryan who will leave the bank at the end of the month," the Frankfurt-based bank said in a statement. Deutsche Bank said earlier it was calling the surprise supervisory board meeting "to discuss the chairmanship and to take a decision the same day." Although Cryan's contract was due to run until 2020, … [Read more...] about Crisis hit Deutsche Bank replaces British CEO